Melbourne will soon be home to the new tallest building in the Southern Hemisphere — Australia 108, a 388-meter, $622 million skyscraper that was green-lighted for construction last week by Victoria's minister of planning, according to CNN.

Construction on the futuristic-looking, 108-story tower is slated to begin in 2014.

It was designed by architects at Fender Katsalidis, and the look was inspired by the star on Australia's flag, according to the building's website.

The top of the building will be home to a six-star, 288-room hotel, with a lobby, restaurants, bars, and lounges on the 84th floor.

The rest of Australia 108 will contain apartments and luxury facilities, including a theater, pool, and gym.

Melbourne's city council originally opposed the project amid fears that it would cast a shadow on a nearby war memorial, according to design blog Dezeen. But it later received the endorsement of the memorial's trustees, Dezeen noted.

The building faces some competition: A tower slated to open in South Africa the same year should clock in at 447 meters, according to The Guardian.